Student Loans: The Millenial Trap
How Student Loans Have Crippled This Generation
Take it from me; someone who owes over $100K in student debt. The boomers systematically imprisoned our generation’s ability to achieve wealth through the student loan system. Financially impoverished students are money slaves to the United States government for years to come due to insurmountable debt from the attempt of improving social circumstances by acquiring an education which in turn is supposed to elevate your financial status, but doesn’t. It is one of the most catastrophic events of 20th and 21st century. Without getting into the dynamics of why this was done, because it was never for us, the end user, let’s talk about ways to overcome this house of horrors so that it starts and completely ENDS with our generation. Scroll down for more…
When my husband and I got married, our combined student debt became a mountain that seems like we will be unable to climb. I can’t even talk numbers with you guys because saying it outloud, makes me want to pass out. However, I started listening to and following financial gurus online via youtube primarily that changed my mindset and made me feel like this was something we could achieve. Our biggest plan for the next 5 years, is becoming completely debt free. It is the first step to financial freedom and that is the path we want to take. I will list below some financial gurus who have set our path straighter.
Everyone up above has something different to offer. I will say that Dave Ramsey’s method works but it can seem daunting for those who have incredibly high debt. However, his method is simple, straight forward, and easy to follow. It challenges you to be incredibly disciplined. He primarily argues that you should have a $1000 emergency fund, pay for food, water, gas, electricity, and then work on erasing debt smallest to largest. He also is a huge advocate of living below or at the very least, within you means. His book, The Total Money Makeover (audiobook) teaches the financially illiterate, like myself, some degree of financial literacy. I would say that, this book is very helpful for immigrants (like me), 1st generation Americans, individuals with insurmountable debt, and the everyday American living paycheck to paycheck. Side note: Dave is very churchy churchy, which is okay for me, but don’t let that be a deterrent to the wealth of information he has. Tiffany Aliche aka The Budgetnista is a financial educator, entrepreneur, and New York Times Best seller. Her make it happen approach is relatable, easily digestible, and geared to help people learn financial literacy.
Graham Stephan is a real estate agent/investor and youtuber who is energetic, incredibly charismatic and knows how to make money multiply. He has a very standard upbringing, not from wealth and is not college educated, yet is is wildly successful. He is also a wealth of information and is doing it all while barely 30 years old. CNBC Make it is just overall an excellent resource for millenials and more. And finally, The Financial Diet (TFD) ties all of the above together in a meaningful and attainable way. Chelsea Fagan, founder, started TFD in 2014 as a means of tracking her own budget. This has grown into essentially a media house and destination for women who want to talk money. I am always in awe at the growth and success of this company.
With that said, thank you guys so much for indulging in this article. As I am growing, I want to just step into my truth more and part of that, is talking money, financial literacy, financial freedom, and building muthalovin’ wealth in these American streets. Until next time, big bisous!
